Central GoldTrust Enters Into Definitive Agreement for ETF with Purpose; DO NOT TENDER to Sprott's Offer & WITHDRAW your Units if Tendered - Seite 2

In order for unitholders to consider and vote on the proposed ETF conversion, GoldTrust has called a unitholder meeting to be held on January 26, 2016. A Trustees' Information Circular will be sent to GoldTrust unitholders shortly and posted on the GoldTrust website. The Trustees' Information Circular will provide full details of the required amendments to the Declaration of Trust, the reasons for and implications of the proposed ETF conversion, your Independent Trustees' formal recommendation in support of the proposed ETF conversion and details of the arrangements with Purpose and Central Gold Managers.

Seven months and seven extensions later, Sprott's inadequate offer has repeatedly failed to gain sufficient support from GoldTrust unitholders to achieve their minimum tender condition of 66 2/3% of all units outstanding. Sprott now plans to use the powers of attorney granted by tendering unitholders for a different purpose; namely to replace your Board of Trustees with Sprott insiders if more than 50.1% of the outstanding units of GoldTrust are tendered to their offer. If they are successful, you could be denied the opportunity to consider the superior alternative that your Independent Trustees are unanimously recommending.

Your Independent Trustees firmly believe that these unilateral changes to the intended use of the powers of attorney should not be allowed. However, by Order dated November 19, 2015, the Ontario Securities Commission required Sprott to provide additional disclosure to unitholders of the effect of the amendments to the powers of attorney granted to Sprott and their intended use by Sprott. Your Trustees fear the implications of this intended use of the powers of attorney has been buried in legalese in Sprott's seventh notice of variation of their offer and will be missed or misunderstood by unitholders.

If you wish to consider your Trustees' recommended alternative, WITHDRAW YOUR TENDERED UNITS IMMEDIATELY before December 7^th, otherwise you may be denied the opportunity to vote for the proposed ETF conversion, which is a clearly superior alternative to Sprott's offer.

Your Trustees are recommending the proposed ETF conversion because, unlike Sprott's inadequate offer, they believe it is in the best interests of ALL unitholders. By contrast, Sprott proposes to use powers of attorney that were intended for a completely different purpose to replace your Independent Trustees with nominees that are truly conflicted; in fact, they are all employees or directors of Sprott. These conflicted replacement Trustees can only be counted on for one thing - to push Sprott's self-serving agenda of replacing their declining assets under management and generating higher fee revenue for themselves.